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Loan Products
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No Money Down Financing |
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100% Financing: Several major nationwide and local lenders offer 100% financing (No Money Down) or 103% financing (No Down Payment & No Closing Costs) to qualified applicants.
Flex 97 Mortgage: Two Government regulated agencies (Fannie Mae and FHA) have developed innovative mortgage products, for borrowers who have difficulty raising adequate funds for their down payment.
These mortgage programs will pay up to 97% of the purchase price of the home. The 3% balance does not have to come from personal savings. You can use a gift from a family member; a loan secured by a marketable asset (such as a certificate of deposit, a 401(k), the cash value of your life insurance, or other real estate); or a loan or grant from a nonprofit or government agency.
Government Home Buyer Programs.
State and federal governments like (FHA and VA) work with lenders to provide real estate funding opportunities for home buyers and real estate investors. There are state and federal programs for first time home buyers, fixer-upper loans, foreclosure properties, low income families, community revitalization and more!
Buyer-Seller Negotiated No Money Down Real Estate Financing
Assumable Mortgage: An assumable mortgage is a mortgage that can be transferred from a seller to a buyer. Most Federally insured mortgages (FHA, VA) and some conventional loans are assumable. Be sure to find sellers whose mortgages are assumable.
Purchasing Subject to a Mortgage: When one purchases subject to a mortgage, the purchaser agrees to make the monthly mortgage payments on an existing mortgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthly payments. Since the original mortgagor remains liable in the event of default, the lender's consent is not required for a sale subject to a mortgage.
Seller Financing: Seller financing is a situation where the seller of a home agrees to receive all or part of the purchase price in the form of monthly payments.
Creative No Money Down Real Estate Financing
Lease-Option: A lease-option also known as a lease-purchase, is a "rent-to-own" agreement between a home buyer and seller. Houses advertised for rent are good candidates for a lease-option.
Assets: Almost anything of value can be substituted in place of a down payment. You can use a gift from a family member; a loan secured by a marketable asset (such as a certificate of deposit, a 401(k), the cash value of your life insurance, or other real estate)
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FHA/VA Loans |
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Government sponsored loans such as the Federal Housing Administration (FHA) or the Veterans Administration (VA) offer house seekers another option to buy in the home market. Perfect for first-time buyers, low-to moderate-income, buyers with limited cash, and for those who have minor credit problems, these loan programs usually feature low down payments and below-market interest rates. Find out if one of these money-saving options is for you. Why wait? It's free!
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1st Time Buyer Programs |
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For many first time buyers, buying a house seems to be an enormous maze, since there are so many factors such as emotional, financial and legal involved. Before you start shopping, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of home buying. Apply Now!
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Bad Credit / No Credit OK |
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Whether you’re building your first home a retirement home, or you’ve just waited to build your dream home, our network of home construction lenders can finance the home of your dream. The rates are excellent, and you can receive an instant quote just by filling out our online form.
New Home Construction Loan Features Include:
No initial credit check
A choice between 10, 15, 20, 25 and 30 year terms
The predictability of fixed monthly payments
Custom quotes in 24 hours
Customized pricing
Bad Credit or Past Bankruptcy Programs
Rate Lock, if you choose
Complete documentation list at closing
No Doc Income Programs
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Construction Financing |
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Just as you can get a home loan to buy an existing property, you can get construction financing for your new custom home.
Steps:
1. Locate and purchase a building site.
2. Purchase a house plan or have one custom-designed.
3. Find a builder and obtain a contract specifying the price for construction.
4. Inquire with your bank regarding a construction loan that could possibly roll over into a permanent mortgage upon completion of the house.
5. Check with mortgage companies - many offer hybrid loan packages for construction of custom homes.
6. Apply for the loan at your chosen lender.
7. Include a financial statement (filled out on the lender's form), blueprints, a survey of the lot, a construction budget and any other information of this type that the lender requests.
8. Request a construction advance schedule that matches your obligations to the builder so that you don't suffer cash-flow difficulties during construction.
Tips:
If your bank is not interested or competitive in providing your permanent loan, consider getting an up-front approval elsewhere. The existence of this "take-out" loan, ready to pay off the construction funding, may make it easier to arrange the financing or receive better terms.
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Commercial & Mixed Use Properties |
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Mixed-use property typically contains a combination of commercial (most often retail) space as well as residential units. Although mixed-use properties are appealing to property owners because of the commercial income that they generate, Lenders are often uneasy if too high a percentage of a property's total income is generated by the commercial rather than the residential component. Residential Home Funding will analyze your mixed-use property transaction and help you position it to maximum advantage in order to generate the widest possible appeal among the target group of Lenders.
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Land Loans |
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Have you found a piece of land, but you're not quite ready to build on it? Maybe you just want to hold on to it for the future. A Land Loan with Residential Home Funding is definitely for you. It can be used to finance raw land or land with few improvements like utilities, well, and septic.
With a RHF Land Loan, you can finance as much as 90% of the lesser of the sales price or the appraised value of the land. We will provide a fully amortizing 12-year fixed rate loan.
This loan does not have a prepayment penalty. If you decide to begin building before the loan matures, you will not be penalized for paying the loan off early.
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True No Doc Loans Available |
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One type of No Doc Loan is the "NINA" loan, where no income or asset information is provided or verified. If you can verify liquid assets, we suggest you apply for a Stated Income Verified Assets loan or a No Ratio Loan which offer better rates.
The NINA loan approval is based on down payment, credit history, and property value. This program still requires "employment" documentation of your past 2 years, while others do not. No Doc, "NINA" , loans may go to 100% loan to value or 10% down/equity depending on credit scores. Alternate credit is allowed. This flexible program allows foreign nationals with no income and no credit in United States to buy property. The standard credit scores needed are above 640.
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No Income / No Asset Loans |
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Jumbo and Super Jumbo Loans |
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FHA Streamline Refinances |
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